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QuickBooks Assignment BAT 4M - Mr. V Name Mr. V has decided to start a career selling Violins and giving Violin Lessons. He has decided to call this business V's Violins. On December 2nd, he hired you to do his accounting. He is starting his business with $300 000 and no other assets. Use QuickBooks to help him do his accounting. a) Create a Bank Account to put his money in and enter his opening balance of $300 000. b) Create the following Payees (Accounts Payable Accounts). Vivian's Violas Bell Canada Bobert Properties Staples c) Create the following customer accounts Stefan Min Billiam Vandutchname Kris Li Charles Xu a) Complete the following transaction, creating any necessary accounts, using Quickbooks. Dec 1" Write Cheque Wrote chqt# 826 to prepay rent for the month $24000 (No HST) to Bobert Properties. Create Prepaid Rent Account. Buy Assets Purchase Equipment from Staples for $10 000+ HST. Total with tax of $11 300. Invoice #S-4555 Dec 1t Dec 1" Input Purchase Invoice #V-1922 To Vivian's Violas for $3000 of inventory. Total Including HST is $3503.00 Customer Purchase From Stefan Min for $2475.00 for Violins PLUS 13% HST. These have an inventory cost of $800. Dec 2nd Reference In #VV-186 Dec 4th Customer Purchase Mr. V is giving Billiam Vandutchname Violin lessons for $3000. Billiam pays Cash. Reference In # W187 Cash sales receipt Cash sales for repairs completed costing $515 + taxes, for a total of $592.12. Cash is paid immediately. Cost of Goods Sold is $24.00 Reference In #VV188 Dec 4th Dec 5 Bill Received bill from Bell Canada, for $350 + taxes for telephone an internet services, for a total of $395.5, term Net 15. Invoice# B-72001 Pay bill Issued cheque #828 in payment of invoice B-72001 to Bell Canada for Telephone and Internet Dec 6h Services. Dec 12t Sales invoice #vv189 to Kris Li for $4 000 + 13% Taxes. For a total of $4520.00, net 30. Cost of Goods Sold is $1386.50. Dec 15h Credit card purchase purchased office supplies from Staples #S-4776 for $125 + taxes. Total $141.25. Dec 18 Sales invoice #553 to Charles Xu for Violin Lessons. $800 + Taxes, For a total including taxes of $904.00, net 30. Invoice # VV190 Pay bill Issue cheque #830 to pay Vivian's Violas, $3503 to settle the account. Reference invoice #V-1922 Dec 20 Jan 1" Memo 19 record one month' depreciation expense for equipment for $900. Create an appropriate expense account. Jan 1" Memo 20 Record 1 months rent expense for $2000. Create an appropriate expense account. View Journal from December 1* to January 1" d) Generate the Income Statement, A statement of Owner's Equity, and a Balance Sheet for V's Violins. e) Complete the closing entries for V's Violins and generate the closing trial balance for the business. QuickBooks Assignment BAT 4M - Mr. V Name Mr. V has decided to start a career selling Violins and giving Violin Lessons. He has decided to call this business V's Violins. On December 2nd, he hired you to do his accounting. He is starting his business with $300 000 and no other assets. Use QuickBooks to help him do his accounting. a) Create a Bank Account to put his money in and enter his opening balance of $300 000. b) Create the following Payees (Accounts Payable Accounts). Vivian's Violas Bell Canada Bobert Properties Staples c) Create the following customer accounts Stefan Min Billiam Vandutchname Kris Li Charles Xu a) Complete the following transaction, creating any necessary accounts, using Quickbooks. Dec 1" Write Cheque Wrote chqt# 826 to prepay rent for the month $24000 (No HST) to Bobert Properties. Create Prepaid Rent Account. Buy Assets Purchase Equipment from Staples for $10 000+ HST. Total with tax of $11 300. Invoice #S-4555 Dec 1t Dec 1" Input Purchase Invoice #V-1922 To Vivian's Violas for $3000 of inventory. Total Including HST is $3503.00 Customer Purchase From Stefan Min for $2475.00 for Violins PLUS 13% HST. These have an inventory cost of $800. Dec 2nd Reference In #VV-186 Dec 4th Customer Purchase Mr. V is giving Billiam Vandutchname Violin lessons for $3000. Billiam pays Cash. Reference In # W187 Cash sales receipt Cash sales for repairs completed costing $515 + taxes, for a total of $592.12. Cash is paid immediately. Cost of Goods Sold is $24.00 Reference In #VV188 Dec 4th Dec 5 Bill Received bill from Bell Canada, for $350 + taxes for telephone an internet services, for a total of $395.5, term Net 15. Invoice# B-72001 Pay bill Issued cheque #828 in payment of invoice B-72001 to Bell Canada for Telephone and Internet Dec 6h Services. Dec 12t Sales invoice #vv189 to Kris Li for $4 000 + 13% Taxes. For a total of $4520.00, net 30. Cost of Goods Sold is $1386.50. Dec 15h Credit card purchase purchased office supplies from Staples #S-4776 for $125 + taxes. Total $141.25. Dec 18 Sales invoice #553 to Charles Xu for Violin Lessons. $800 + Taxes, For a total including taxes of $904.00, net 30. Invoice # VV190 Pay bill Issue cheque #830 to pay Vivian's Violas, $3503 to settle the account. Reference invoice #V-1922 Dec 20 Jan 1" Memo 19 record one month' depreciation expense for equipment for $900. Create an appropriate expense account. Jan 1" Memo 20 Record 1 months rent expense for $2000. Create an appropriate expense account. View Journal from December 1* to January 1" d) Generate the Income Statement, A statement of Owner's Equity, and a Balance Sheet for V's Violins. e) Complete the closing entries for V's Violins and generate the closing trial balance for the business

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